Carlson Capital prices CLO; Veneta Banca raises €1.96 billion; Oak Hill to tap Europe

By Cristal Cody

Tupelo, Miss., Nov. 3 – In new U.S. CLO pricing action, Carlson Capital, LP raised $404.36 million in the asset manager’s second CLO offering of the year.

In the European primary market, Italian bank Veneta Banca Scpa priced a €1,962,570,000 deal backed by Italian small- and medium-sized enterprise loans.

Fitch Ratings said in a news release on Tuesday that European SME CLO performance was stable in October.

Average 90-day delinquencies in Spain have continued to decline from 2.11% in August to 2.0% in September, while 90-day arrears in Italy have remained stable at 2.0%, according to Fitch.

“SME CLO loan issuance has remained hampered by sluggish growth prospects, a lack of economic viability and unfavorable regulatory treatment for securitizations,” Fitch said.

Europe also is expected to see a new broadly syndicated CLO deal from London credit manager Oak Hill Advisors (Europe), LLP, which plans to price €415.8 million of notes in the Oak Hill European Credit Partners IV Designated Activity Co. transaction. Goldman Sachs & Co. is the placement agent.

Primary activity is expected to stay busy over the last two months of the year.

J.P. Morgan Securities LLC analysts said in a market note that “we anticipate a busy calendar through the end of the year given a reportedly robust new-issue pipeline.”

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